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TDS on Property Transaction

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TDS filing is mandatory on buying immovable property over 50 lakhs, as described under Section 194/A of the Income Tax Act. This plan is specifically designed for property buyers who require expert assistance with filing TDS on their newly brought property.

Rs. 2499/-

(Up to 10 records)

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  • Unlimited expert advisory session until you get satisfied
  • Get the best answers to your tax and finance queries
  • Be assured to be guided with the right advise

Package Details

TDS need to be deducted at a rate of 1% on the payment made to the property seller, which needs to be submitted to the government. This is applicable only when the property is immovable and is above the price of INR 50 lakhs. If the taxpayer delays the filing of his/her return, then it will attract a penalty.

In availing this plan we will provide timely end-to-end TDS filing to help you comply with TDS rules related to property transaction(s).

This package is suitable for:

  • A resident individual who purchased an immovable property.
  • Purchase of an immovable property by a business entity, operating in India.

Plan Inclusions:

  • TRACES registration.
  • Filing form 26QB.
  • Generating Form 16B.
  • CA support for extended business hours.

Documents Required:

  • Monthly bank statement in the case of EMI payments.
  • Address and phone number of the buyer and seller.
  • PAN details of the buyer and seller.
  • Sale deed of the property.
  • - Subscribe to the plan
  • - Discussion(s) with TDS expert
  • - Upload the required documents on vault
  • - E-file Form 26QB
  • - Generate Form 16B
  • - Get Acknowledgement (16B) after E-filing
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Do I need to deduct TDS on a property bought for residential purpose?

Yes, if the property’s value is over INR 50 lakhs then TDS needs to be deducted at a rate of 1% of the total amount. In India, the same applies to all types of property transactions except the agricultural lands.

If I don’t have a seller’s PAN details, what do I need to do?

You must collect the PAN details from the seller before closing the deal as it is an important requirement while filing TDS returns.

Do I need to fill multiple forms if I have purchased the property from a joint owner?

You need to file Form 26QB for every unique buyer-seller combination in this case.

Do I need to deduct TDS for a property brought on 2015?

Yes, any property brought after 1st June 2013 which values more than INR 50 lakhs requires you to deduct TDS on it. As it was brought 2 years ago and the deadline is passed, you will also have to pay a late fine with the TDS amount.

What is the interest and penalty rate for not filing or late filing of Form 26QB?

In cases of late or non-payment of TDS, an interest at a rate of 1% per month will be applicable from the period when the property was brought. If the buyer has deducted TDS amount from the seller but did not deposit it, then the interest rate will be 1.5% per month. Also, a late fee of INR 200/day will be applicable in case of TDS failure statement.

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